Consider the following balance sheet. Balance Sheet - Seagate Technology (in...

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Accounting

Consider the following balance sheet.
Balance Sheet - Seagate Technology
(in millions)7/1/2022
Assets:
Current assets:
Cash & cash equivalents $615.0
Short-term investments 0.0
Accounts receivable, net 1,532.0
Inventories 1,565.0
Other current assets 321.0
Total current assets 4,033.0
Property, equipment & leasehold improvements, net 2,239.0
Goodwill 1,237.0
Other intangible assets, net 9.0
Deferred income tax asset 1,132.0
Other long-term assets 294.0
Total assets $8,944.0
Liabilities and Stockholders Equity:
Current liabilities:
Accounts payable $2,058.0
Salaries payable 252.0
Warranty liability 65.0
Current portion of long-term debt 584.0
Other accrued expenses 596.0
Total current liabilities 3,555.0
Other long-term liabilities 218.0
Long-term debt, less current portion 5,062.0
Total liabilities 8,835.0
Stockholders equity:
Additional paid-in capital 7,190.0
Accumulated other comprehensive income (loss)36.0
Retained earnings (accumulated deficit)(7,117.0)
Noncontrolling interest 0.0
Total equity 109.0
Total liabilities and equity $8,944.0
An analyst provides the following assumptions used to forecast balance sheet amounts in year 2023. Assume no change for accounts not listed. Assume that all capital expenditures are purchases of property, plant and equipment (PP&E), and that no PP&E assets are sold or retired during years 2022 or 2023. Note that forecasts of revenue and net income (calculated by the analyst) are provided below and should be used in your forecast of the balance sheet.
Assumptions used to forecast balance sheet in fiscal year 2023
(dollar amounts in millions)
Revenue (forecasted by analyst) $11,556.0
Net income (forecasted by analyst) $1,590.0
Accounts receivable, as a % of revenue 12.3%
Inventories, as a % of revenue 12.8%
Other current assets, as a % of revenue 3.4%
Deferred income tax asset, as a % of revenue 12.0%
Accounts payable, as a % of revenue 17.7%
Salaries payable, as a % of revenue 4.1%
Warrany liability, as a % of revenue 2.1%
Other accrued expenses, as a % of revenue 3.8%
Other long-term liabilities, as a % of revenue 3.6%
CAPEX, as a % of revenue 4.3%
Depreciation expense $554.0
Amortization expense $11.0
Increase in aditional paid-in capital for stock compensation $89.0
Dividends, as a % of net income 6.0%
Long-term debt that will be due within 1 year of forecast date $499.0
Use the information above to prepare a forecasted balance sheet for fiscal year 2023. Then, answer the following questions.
a. Calculate the forecasted amount of property, equipment, & leasehold improvements, net for 2023.
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b. Calculate the forecasted amount of other intangible assets, net for 2023.
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c. Calculate the forecasted amount of long-term debt (less current portion) for 2023.
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d. Calculate the forecasted amount of retained earnings (accumulated deficit) for 2023.
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e. Calculate the forecasted amount of total liabilities and equity for 2023.
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f. Calculate the forecasted amount of cash & cash equivalents for 2023.
[ Select ]

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